FXStreet (Bali) - According to Sean Lee, Founder at FXWW, recent price action in commodity currencies suggests that the USD will have a hard time to regain the bullish tone seen over the past few weeks.
"The USD bears will need a bit more evidence before getting overly excited but the recent price action in AUD/USD, NZD/USD and USD/CAD certainly suggests that the greenback will struggle on these fronts."
"We often get impulsive market moves in September when the traditional holiday season has ended, and I’m definitely still of the opinion that this move will be USD negative."
"If we are to see a negative reversal in fortunes for the USD then EUR/USD will need to start some sort of a mini recovery and USD/JPY will need to revert to range trading mode. If this happens, then I think we shut our eyes and buy cable and/or sell USD/CAD."